TORONTO, ONTARIO--(Marketwire - Jan. 19, 2010) - Carpathian Gold Inc. (TSX:CPN) (the "Corporation" or "Carpathian") is pleased to announce it has completed the Phase II drill program at its 100% owned Riacho Dos Machados ("RDM") Gold Project located in Minas Gerais State, Brazil. A total of 151 drill holes were completed for 20,770 m, designed to upgrade inferred resources within the newly defined open pit established from the NI 43-101 compliant Preliminary Economic Assessment ("PEA" -announced August 12, 2009); and further define gold-mineralized strike extensions, all for use in the feasibility study which is presently underway.

Recently received assay results continue to demonstrate good geologic and gold grade continuity both along strike and down-dip along the RDM shear zone as demonstrated by the following highlights:

Notes: Intersection lengths are approximate true thicknesses; drill hole F-93 is re-sampled drill core from the previous operator Vale; a full list of intersection details is shown at the end of this news release.

Phase II Drill Program

Assay results have been received for an additional 46 drill holes and one re-sampled hole, since our last press release on November 16, 2009. Assay results for an additional 14 drill holes and 19 surface trenches are expected within the next two weeks. All of the assay results reported herein represent the portion of the mineralized zone that is considered to be accessible through deepening of the existing open pit as outlined in the results of the PEA study. The gold mineralization occurs in a shear zone with the proposed new open pit to be developed over a strike length of 1,800 m. A complete list of the assay results reported herein can be found at the end of this press release. A map showing the location of the drill holes completed can be found on the Corporation's website at www.carpathiangold.com.

In addition to the above intersections, other highlight intersections are shown below.

FRM-128 with 10.8 m at 1.76 g/t Au in Central Pit zone;

FRM-132 with 14.9 m at 1.32 g/t Au in Central Pit zone;

FRM-188 with 7.0 m at 2.07 g/t Au in Central Pit;

FRM-196 with 12.3 m at 2.07 g/t Au in South Pit; including 2.8 m at 5.47 g/t Au;

FRM-201 with 13.8 m at 1.33 g/t Au in South Pit; including 2.0 m at 4.08 g/t Au.

Notes: Widths are approximate true thicknesses.

The Phase II drill program was designed principally as an infill program along the 1,250 m existing open pit to convert Inferred resources to Measured + Indicated resources for conversion into a reserve within the PEA study open pit design. In addition, strike extensions to the south of 700 m and to the north of 150 m were drilled to shallow depths at a resource spacing of 50 x 40 m for a total strike length of 2,100 m.

This drilling indicates gold mineralization is open along strike and at depth as shown by the following two drill hole intercepts on the south and north edges of the drill pattern:

The south and north strike extensions offer further exploration potential both along strike and at depth. The RDM Shear zone has a geologic, soil geochemistry expression and sampled gold occurrences over a 14 km strike length, which has not yet been fully evaluated. The strike extensions and exploration targets along the RDM shear zone will be further evaluated during 2010.

With nearly all of the final assay reports received, we continue to be pleased with the results and look forward to the resource estimate update followed by a new reserve estimate, which is presently underway" said Dino Titaro, President and CEO. "We believe that the drilling results from the infill drill program have demonstrated the grade continuity required to upgrade the Inferred resources to the Measured + Indicated category. In addition, the gold mineralization drilled along the strike extensions now demonstrates continuous mineralization over 2,100 metres and remains open further along strike and at depth. The resource estimate update will be an integral part of our feasibility study, which is progressing well and is targeted for completion in the second quarter of this year."

Feasibility Study

In December 2009, the feasibility study was awarded to a consortium of engineering consulting companies led by Tecnomin Projectos e Consultoria Ltda and including NCL Brasil Ltda, Golder Associates Brasil Consultoria e Projetos Ltda, and YKS Services Ltda. This is the same group of consultants who completed the NI 43-101 Compliant PEA, at a very detailed level; and as such is familiar with the project. Its expected completion will be in Q2, 2010. Present activities underway include:

a geotechnical drilling program;

geologic modeling and resource estimation to produce a resource estimate update and reserve estimate to be used in the Feasibility Study;

mine layout and infrastructure design, and;

advancement of the permitting process with Licença Previa ("LP") expected this month.

The resource estimate update will be based on the Phase II Drill program and the Phase I 2008 drilling totaling 31,904 m (215 drill holes) plus re-sampling drill core from the previous operator, Companhia Vale do Rio Doce ("Vale"), of 148 drill holes totaling 24,115 m, which aggregates a total of 56,019 m drilling. This new resource estimate is expected to provide a substantial Measured + Indicated resource category for the bulk of the mineralization within the open pit designed in the PEA study and thus be converted to reserves for the Feasibility Study.

Project Background

The RDM gold project is a 22,000-hectare land parcel comprising 12 Exploration Licenses and one Mining Concession that cover a contiguous 40 kilometre area that includes a 14 km long north-south shear zone. The Mining Concession hosts a past producing open-pit gold mine, which was previously operated by Vale between 1989 and 1997 and from which oxide gold ore was mined to maximum depths of 60 m below the surface. Carpathian acquired 100% of this project in October 2008. The gold mineralization at RDM is shear zone hosted, within a package of Precambrian aged metamorphic rocks. This shear zone strikes 20 degrees and dips 40 to 50 degrees east. The gold mineralization is now known to be continuous over a strike length of greater than 2,100 m and open at depth to greater than 550 m at the RDM mine-site.

The Corporation announced the results of the initial NI 43-101 compliant Mineral Resource Estimate on May 18, 2009 as outlined in the Resource Report that is available on www.SEDAR.com. On August 12, 2009, the Corporation announced the results of the PEA Study on the Project, which was based solely on the open pit mineralization defined in the May 18, 2009 NI 43-101 Mineral Resource Estimate.. This study can also be found on www.SEDAR.com.

Sample Protocol

Assay results presented in this news release are half-core from split NQ drill core and sampled on a metre by metre basis through the mineralized zone and into surrounding altered rock. In addition, Reverse Circulation (RC) drilling through the mineralized zone is sampled on a metre by metre basis and assayed only when dry samples are collected. Drill holes denoted with an * in Table II below are RC drill holes sampled through the gold mineralized zone. All samples collected from Brazil are prepared and analyzed at the independent ISO Certified SGS laboratory, located near Belo Horizonte, Brazil using industry standard fire assay techniques for gold on 50-gram sample charges with AAS finish. Coarse blanks, pulp blanks, pulp duplicates, and known gold standards are inserted on a routine basis. Combined they consist of 20% per cent of submitted samples. In addition, on a periodic basis 3% of the crusher rejects are re-submitted and a minimum of 3% of the pulps will be analyzed at the ISO Certified ALS Chemex Laboratory near Belo Horizonte, Brazil for check assays.

Mr. Titaro is the qualified person (as defined in National Instrument 43-101) overseeing the design and implementation of the present exploration programs. He is responsible for preparing the technical information contained in this news release.

Carpathian Gold Inc.

Carpathian is an exploration and development company whose primary business interest is developing near-term gold production on its 100% owned Riacho dos Machados Gold Project in Brazil along with progressing its exploration and development plans on its 100% owned Rovina Valley Au-Cu project located in Romania.

Forward-Looking Statements: This press release includes certain statements that may be deemed "forward-looking statements". Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", and other similar words, or statements that certain events or conditions "may" or "will" occur. All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Corporation expects, are forward-looking statements. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurance that forward-looking statements will prove to be accurate, as results and future events could differ materially from those anticipated statements. The Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

Table II. Drill hole details for holes completed by Carpathian at the RDM Project during Phase II drill program and November 17th 2009 to January 6th, 2010.

Drill Hole

Area

Northing

Azimuth (degrees)

Declination (degrees)

Total Depth
(m)

FRM-128

IV

10,277

270

-67

240.8

FRM-129

IV

10,227

270

-67

228.0

FRM-132

IV

10,035

278

-53

152.3

FRM-148

III

9,806

270

-71

221.0

FRM-161

V

10,675

270

-61

130.5

FRM-163*

South

8,920

270

-66

70.0

FRM-164*

South

8,960

270

-57

52.0

FRM-165

V

10,518

268

-57

151.7

FRM-166*

South

8,960

270

-66

67.0

FRM-167*

South

9,000

270

-63

88.0

FRM-168*

South

9,000

270

-60

50.0

FRM-169*

South

9,040

270

-63

60.0

FRM-170*

South

9,040

270

-60

94.0

FRM-171*

South

9,080

270

-61

60.0

FRM-172*

South

9,080

270

-76

70.0

FRM-173*

South

9,118

283

-57

50.0

FRM-174*

South

9,119

275

-66

80.0

FRM-175

V

10,531

297

-47

121.2

FRM-176*

South

9,160

270

-55

43.0

FRM-177

IV

10,154

270

-75

250.7

FRM-179

IV

10,155

270

-65

161.2

FRM-180

IV

10,197

270

-73

260.2

FRM-182

V

10,750

270

-51

112.0

FRM-183*

IV

10,105

270

-66

109.0

FRM-184

IV

10,224

270

-61

85.0

FRM-185

IV

10,209

270

-63

211.6

FRM-186

North

10,830

270

-66

82.6

FRM-188*

IV

10,223

270

-50

80.0

FRM-189*

IV

10,263

270

-55

90.0

FRM-190

North

10,871

270

-57

91.3

FRM-191

IV

10,123

270

-71

250.7

FRM-194

V

10,789

270

-58

160.4

FRM-195*

IV

10,323

270

-65

106.0

FRM-196*

IV

10,016

270

-69

103.0

FRM-197*

South

9,162

270

-58

75.0

FRM-198*

South

9,200

270

-65

60.0

FRM-199*

South

9,200

270

-56

43.0

FRM-201*

III

9,570

270

-65

64.0

FRM-202*

III

10,000

270

-57

80.0

FRM-203

V

10,440

270

-70

140.1

FRM-204*

IV

10,293

270

-64

76.0

FRM-205*

South

8,800

270

-76

90.0

FRM-209

IV

10,264

270

-70

61.0

FRM-210

IV

10,092

270

-81

172.9

FRM-211*

III

9,880

272

-47

106.0

FRM-212*

IV

10,080

270

-57

85.0

F-93

III

9,727

270

-90

50.9

Notes: All drill holes are diamond drill core through the gold mineralized zone with exception of holes marked with * which are reverse circulation drill holes. Northings are in local grid coordinates, which are rotated 20 degrees west from true north. All drill hole azimuths are local grid azimuths, i.e. rotated 20 degrees west from true north. F-93 is a diamond-core drill hole completed by Vale and re-sampled by Carpathian.

The TSX does not accept responsibility for the adequacy or accuracy of this news release.